WASHINGTON (CBS NEWS) – President Trump declared a national emergency due to coronavirus, he announced during a Rose Garden press conference on Friday afternoon. The announcement comes just before markets close for the week, and as his administration attempts to take more aggressive steps to address the escalating coronavirus crisis.

“To unleash the full power of the federal government in this effort today, I am officially declaring a national emergency,” the president announced.

The president is likely to invoke the Stafford Act, enabling him to increase funding for Federal Emergency Management Agency (FEMA) efforts, although the president did not explicitly mention the Stafford Act.

“No resource will be spared, nothing whatsoever,” the president told reporters.

Mr. Trump also announced the administration has established a new partnership with private industry to expand testing capabilities, even as the administration faces criticism over a lack of tests for health facilities that need them. Mr. Trump said the administration is also trying to work with pharmacies and private entities to establish drive-thru testing sites.

*FOR MORE, GO TO CBSNEWS.COM*